deals4money logo Helping you get the best from your money. Money House Picture
lh side of money banner  
rh side of money banner
top of money menu
Bottom of money menu


Guide to credit ratings

What is a credit rating?

A credit rating is a score that you are allocated which depicts your ability to repay a loan. Lenders will not tell you what information goes into your credit score so they can prevent fraud.

Why is a credit rating important?

Your credit rating is a key part determinining if a lender will lend you money and in many cases at what rate.

For example you a person with a good credit rating may pay several percent less for a personal loan than a customer with a less favuorable rating

Factors affecting your credit rating

  • your earnings and job stablility e.g. you are paid monthly, and have been employed for a while and in a skilled job will help.
  • Your outgoings - how much you spend each month and how much you have left to replay the loan
  • Your past credit history - if you have had loans in the past and repaid them it will help, if you have defaulted or were late making payments it can have a negative affect
  • Your postcode - this plays a big part. If your area is considered a wealthy and credit worthy area it will help you get a loan.
  • Court proceedings and criminal record - if you have a criminal record, specially for fraud, this is a big no no for lenders. A county court judgement (court action for not paying your debts) this will have a negative impact on your credit rating .


Terms of Use | Privacy Policy | About us | Site Network | Contact Us | Site Map |